The soaring demand for sensors in homes and clinics for the treatment or diagnosis purpose is one of the primary factors augmenting the global market for disposable medical sensors. The rising incidence of chronic diseases, including cancer, cardiovascular, and kidney disorders along with growing prevalence of hospital-acquired infections are stoking the growth of the global market. Moreover, over the past few years, there has been a dramatic rise in the number of admissions to hospitals. This factor is translating into the greater uptake of disposable medical sensors. Besides, the increasing initiatives by governments worldwide, growing investments in the healthcare sector, and continuous improvements in the wearable technology are providing a fillip to the global market. Furthermore, hospital-acquired infections (HAIs) have become a major challenge for hospitals and the medical community. In the last two decades, the prevalence of HAIs has increased significantly; the wide use of reusable devices like sphygmomanometer cuffs, thermometers, catheters, and stethoscopes in hospitals is a major factor contributing to this rising prevalence. The use of contaminated medical devices in hospitals also contributes to the rising prevalence of HAIs, especially among newborn babies and other inpatients. This ultimately results in high morbidity and mortality rates, prolonged hospital stays, and increased healthcare and patient costs.
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The COVID-19 outbreak has led to a change in consumer preferences and priorities as the focus now has shifted toward the use of technology and contact-less healthcare. Consumers are increasingly opting for remote healthcare facilities from the comfort and safety of their homes. In the current pandemic, researchers worldwide have been rushed to develop accurate and efficient novel biosensor-based approaches for the early detection of SARS-CoV-2. According to Snapdeal, the overall sales in the at-home diagnostic kits category between April and July 2020 more than doubled compared to 2019. The greatest number of personal diagnostic and health monitoring devices purchased were pulse oximeters, blood pressure monitors, digital thermometers, and glucometers. The uncertainty of the pandemic has induced fear among people regarding visiting hospitals, which has boosted the sales of home-based diagnostic devices.. In 2020, Medtronic received FDA approval for its MiniMed 770G hybrid closed loop system. It consists of Guardian Sensor 3, the MiniMed Mobile app.
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According to UnivDatos Market Insights (UMI)’ research report “Global Disposable Medical Device Sensors Market Analysis, 2020”, the Global Disposable Medical Device Sensor market is projected to grow at a CAGR of XX% during 2021-27F. Adoptipn of New Technologies and Development of Novel Devices is one of the prominent reason which is driving the market of the Disposable Medical Device Sensors. For Instance: In 2020, In Abbott received FDA Emergency Use Authorization (EUA) for the over the counter, non-prescription, asymptomatic use of its BinaxNOW COVID-19 AG self-test for the detection of COVID-19 infections.
Based on the Sensor Type, the disposable medical device sensors market is segmented into biosensors, accelerometers, temperature sensors, image sensors, and other sensors. The biosensors segment accounted for the largest share in 2020. The large share of this segment can be attributed to the wide usage of these sensors in glucose test strips, infectious disease test strips, pregnancy test strips, drug and alcohol test strips, and continuous blood glucose monitoring.
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Diagnostic Medical Device Sensor to Witness Robust growth
Based on the Applications, Diagnostic Disposable Medical Device Sensor grabbed XX% revenue share in 2020. The market size of this segment touched US$ XX Million in 2020.The diagnostic testing segment accounted for the largest share in 2020. The large share of this application segment can primarily be attributed to the rising incidence of lifestyle diseases across the globe. The widespread usage of glucose test strips, infectious disease test strips, and pregnancy test strips in homes as well as in clinics is another factor driving the market growth
North America to Grab Lion’s Share, Bit Europe to witness Explicit Growth
Based on the Region, North America dominated the Global Disposable Medical Device Sensor market in 2020. North America and Europe will account for a substantial cumulative share in the global arena during the forecast period. The growth of these regions is mainly driven by rapid advancements in the sensor technology and the presence of advanced and well-established healthcare information technology (HCIT) infrastructure. The domicile of a large number of key players provides an edge to these regions and ensure their fast pace growth.
Asia Pacific, on the other hand, will offer promising opportunities to global participants. The booming medical tourism industry, improving healthcare infrastructure, and rising consumer expenditure on healthcare are contributing to the growth of the region. The increasing consumer awareness is also impacting the APAC region positively, as stated in UnivDatos Market Insights (UMI)’ research report “Global Disposable Medical Device Sensor Market Analysis, 2020”.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Global Disposable Medical Device Sensor market are Abbott (US), F. Hoffmann-La Roche Ltd., Medtronic, Texas Instrument, Platinum Equity Advisors LLC, NXP Semiconductors, General Electric Company, TE Connectivity, STMicroelectronics (Switzerland), Honeywell International Inc., Analog Devices, Inc., Smiths Group Plc, and Koninklijke Philips N.V. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry. Some of the instances are:
· In Jun 09, 2021 (Heraldkeepers) -- The emergence of sensor tool and incessant development in the technology play a fundamental function inside the increase of the worldwide market for disposable medical sensors. Disposable medical sensors are to be had in various types, together with invasive sensors, implantable sensors, and ingestible sensors.
· In 2021, Abbott received FDA Emergency Use Authorization (EUA) for the over the counter, non-prescription, asymptomatic use of its BinaxNOW COVID-19 AG self-test for the detection of COVID-19 infections.
· In March, 2018 Smiths Medical announced the US commercial launch of Delta Med SpA’s DeltaVen closed system catheter and the food and drug administration (FDA) clearance. The DeltaVen will be available immediately to patients in a wide variety of sizes and configurations, including the only 26 gauge safety catheter in the U.S. market.
“Global Disposable Medical Device Sensor Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Disposable Medical Device Sensor providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
1. By Product Type (Patient monitoring, Diagnostic testing, Therapeutics)
2. By Sensor Type (Biosensors, Accelerometers, Temperature sensors, Pressure sensors)
3. By Application (Patient monitoring, Diagnostic testing, Therapeutics)
4. By Region (North America, Europe, Asia-Pacific, Rest of the World)
5. By Company (Abbott (US), F. Hoffmann-La Roche Ltd., Medtronic, Texas Instrument, Platinum Equity Advisors LLC, NXP Semiconductors, General Electric Company, TE Connectivity, STMicroelectronics (Switzerland), Honeywell International Inc., Analog Devices, Inc., Smiths Group Plc, and Koninklijke Philips N.V.)
Key questions answered in the study:
1. What are the current and future trends of the Global Disposable Medical Device Sensor industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Disposable Medical Device Sensor industry?
5. What are the customer orientation, purchase behavior, and expectations from the Disposable Medical Device Sensor firms across various regions?